While the nation was preoccupied with the significant developments in the Presidential race, advocates and promoters of the blockchain ecosystem were particularly attentive to the news, given the perception that the current...more
Commissioner Uyeda spoke at the Securities and Exchange Commission’s 30th Annual Institute for Securities Market Growth and Development. Commissioner Uyeda focused on the need to root out bad actors and promote transparent...more
Professional investors will benefit from increased exposure to cryptoassets via traditional financial instruments, though retail investors’ exposure remains limited. In the fast-paced world of cryptocurrency, regulatory...more
Stablecoin, Wallet Products Launch; German Bank Launches Crypto Services - Circle, a global fintech firm and issuer of the USDC stablecoin, has announced new smart contract functionality to allow holders of BUIDL, a...more
The Mexican Congress has approved a bill regarding promissory notes, negotiable instruments and other financial transactions using electronic means. On March 26, 2024, a decree was published in the Official Journal of the...more
On December 20th, 2023, the American Bar Association Tax Section published detailed comments and recommendations (the “ABA Comments”) on the proposed crypto broker reporting regulations. As discussed here, the New York State...more
Der deutsche Gesetzgeber hat auf die Vereinheitlichung der europäischen Finanzmarktvorschriften geantwortet: Im Oktober 2023 hat das Bundesministerium der Finanzen den Referentenentwurf für das Gesetz über die Digitalisierung...more
On January 16th, the IRS published Announcement 2024-4 (the “Announcement”), postponing certain reporting requirements for large crypto transactions which were set to go into effect for the 2024 tax year. Persons engaged in...more
The Securities and Exchange Commission has confirmed that its X account “was compromised, and an unauthorized post was posted.” The SEC confirmed that it “has not approved the listing and trading of spot bitcoin...more
While the blockchain universe continues to expand, the direction and pace of its development will continue to be influenced by a number of variables – including financial markets, regulatory environments and politics. While...more
Saying the word "crypto" will get a visceral reaction in many circles, and if you say you still believe in the future of crypto, you have a high likelihood of being blacklisted. I get it. It has been a tumultuous 16...more
The Federal Deposit Insurance Corporation (“FDIC”) published its annual Risk Review this past Monday, providing an overview of banking conditions for 2022 through early 2023. The FDIC started providing Risk Reviews to the...more
On July 31, 2013, the Securities and Exchange Commission (“SEC”) formally charged the enigmatic crypto-personality Richard Heart (whose real name, as I learned from the complaint, is Richard Schueler) and his three...more
The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more
The UK’s Financial Conduct Authority (“FCA”) has introduced robust new rules for those marketing cryptoassets to UK consumers. In Policy Statement PS23/6, new requirements covering financial promotions for all firms aimed at...more
Regulators are increasingly taking enforcement action against crypto asset industry participants for violating anti-money laundering (AML) and sanctions laws. Regulators are concerned about the illicit use of crypto...more
On 15 May 2023, Law no. 52 of 10 May 2023, converting the Law Decree no. 25/2023 (DFIL) concerning the issuance and transfer of digital financial instruments into law, was published in the Italian Official Gazette and entered...more
Law Decree implementing EU Regulation 2022/858, containing urgent provisions on issuance and circulation of financial instruments in digital form, was published in the Official Gazette on 17 March 2023. It provides for the...more
In his famous 2018 speech, William Hinman, Digital Asset Transactions: When Howey Met Gary (Plastic), the Director of the U.S. Securities and Exchange Commission (“SEC”), asked...more
The FCA has warned cryptoasset firms to get ready for new rules controlling their financial promotions that reach UK residents. Regardless of whether they are operating from the UK or from abroad, cryptoasset providers are...more
The U.K. government has published its much-anticipated proposals for regulating the cryptoasset industry. These proposals, currently in the form of a consultation, will see many (but not all) cryptoasset-related activities...more
FTX filed its presentation to the Official Committee of Unsecured Creditors (UCC), reporting that FTX has located about $5.5 billion of cash and other liquid assets but less than $1.8 billion of digital assets identified with...more
On January 20, SEC Commissioner Hester M. Peirce spoke before the Digital Assets at Duke Conference discussing cryptocurrency lessons for the future. In her remarks, Peirce discussed the current state of cryptocurrency,...more
Satoshi Nakamoto’s invention of Bitcoin in 2009 opened the door to rethinking the way value can be transferred and stored. However, crypto markets have long been considered by most analysts and attorneys as the “Wild West” of...more
On November 28, 2022, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) announced that Payward, Inc. d/b/a Kraken, a U.S.-based cryptocurrency exchange, agreed to pay $362,158.70 to settle charges relating to its...more